A group of major international banks has warned that the rapid growth of AI-powered shopping agents could introduce new risks for consumers, including scams, fraud and data-privacy breaches.
AI agents are increasingly being promoted as digital personal shoppers that can search for products, compare options, make purchasing decisions and complete transactions on behalf of users. While the technology could make online shopping faster and more convenient, banks say consumer protections and industry standards may not be keeping pace.
Why Banks Are Warning About AI Shopping Agents
Technology companies are expanding the use of AI agents that can handle multiple stages of an online purchase. Instead of manually searching websites, comparing products and completing checkout, consumers can describe what they want and allow an AI system to perform much of the process.
The shift is already becoming visible among retailers. At John Lewis, searches originating from AI agents increased to 2.5 percent from 0.3 percent a year earlier, highlighting the rapid growth of agent-driven shopping activity.
Consumers are showing interest in this form of “agentic” commerce, but banks say the technology is developing faster than the standards and safeguards designed to protect shoppers.
AI Shopping Bots Could Increase Fraud Risks
One of the major concerns surrounding AI shopping bots is whether they will consistently act in the consumer’s best interests.
Shoppers could face situations where an AI agent purchases the wrong product, spends more than expected or directs them toward a fraudulent seller. The growing number of automated decisions could also make it harder for consumers to understand why a particular product or seller was selected.
Banks are particularly focused on situations where AI agents interact directly with payment systems and websites.
Payment Details Raise Data Privacy Concerns
AI shopping agents may require access to payment information to complete purchases. In some cases, agents could enter card details directly on retail websites or potentially influence which payment method consumers use.
This creates concerns around both financial security and data privacy. Banks warn that some payment methods may provide weaker buyer protection, potentially leaving consumers with fewer options when a transaction turns out to be fraudulent or disputed.
The issue also raises questions about how much personal and financial information AI shopping agents should be allowed to access and retain.
Who Is Responsible When an AI Purchase Goes Wrong?
Accountability is another major concern as agentic commerce expands.
If an AI agent selects a fraudulent seller, makes an incorrect purchase or exposes payment information, consumers may not know whether responsibility rests with the AI provider, retailer, payment service or another party.
The uncertainty could make it more difficult for customers to understand what protections apply and whom they should contact when something goes wrong.
Major Banks Call for Stronger AI Shopping Rules
The group raising concerns includes Bank of America, NatWest, ING, Capital One, ASB Bank and Commonwealth Bank of Australia.
The banks plan to take proposals to policymakers aimed at establishing clearer protections for consumers and businesses using AI shopping agents.
Among the proposals is greater transparency about when an AI agent is involved in a transaction. The banks also want consumers to receive information about how an AI agent reached its purchasing decision.
Banks Seek Greater Protection for Customer Data
Stronger safeguards for customer data are another key part of the proposals.
AI shopping agents can potentially interact with personal information, payment details and purchasing histories. As these systems become more involved in online transactions, banks say consumers need greater clarity and protection over how their information is handled.
The proposals also call for shoppers and merchants to retain the freedom to choose which AI services they use rather than being locked into a particular system.
Interoperability Could Shape Agentic Commerce
The banks also want different AI shopping systems to be able to work together.
Interoperability could allow consumers and merchants to use different services without being restricted by incompatible systems. It could also support greater competition as agentic commerce develops.
The broader concern is that rapid technological adoption should not move ahead of consumer protection, payment security and clear accountability.
AI Shopping Needs Trust and Clear Consumer Protection
AI shopping agents could significantly change how people search for products, compare prices and complete purchases. However, their expansion also introduces new questions around fraud, privacy, payment protection and responsibility.
For banks, the challenge is to ensure that convenience and automation do not come at the expense of consumer trust and security.
As agentic commerce develops, clearer rules and stronger safeguards could become increasingly important for shoppers, retailers, payment providers and AI companies.